Odebrecht Oleo e Gas plan securities exchange date occurred Dec. 22

By Caroline Salls

Pittsburgh, Dec. 28 – Odebrecht Oleo e Gas SA and several affiliates said the exchange date for securities under its Brazilian reorganization plans occurred on Dec. 22.

As previously reported, the U.S. Bankruptcy Court for the Southern District of New York recognized the Brazilian court order approving the plans on Dec. 13.

As of the exchange date, the company said the existing securities were cancelled and deemed fully satisfied, and all notes, indentures, instruments, certificates and other documents evidencing those securities have been deemed surrendered, released and cancelled.

In addition, Odebrecht said the existing securities were exchanged under a mandatory exchange through the Depository Trust Co. for newly issued securities that will not be listed on the Luxembourg Stock Exchange or any other securities exchange.

Rio de Janeiro-based Odebrecht renders services related to the charter and operation of drilling rigs, floating production storage and offloading units and pipe-laying support vessels, as well as maintenance activities in the oil and gas industry. The company filed bankruptcy on Nov. 3 under Chapter 15 case number 17-13130.

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